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Eric Siu examines why you want to spend money and how comparing yourself to others leads to lifestyle creep. Buying multiple properties or expensive leveraged assets can destroy your finances.
Eric Siu examines why you want to spend money and how comparing yourself to others leads to lifestyle creep. Buying multiple properties or expensive leveraged assets can destroy your finances.
You have to look into what's your desire for spending. Why is that desire there? A lot of times that desire is there because you're looking at external scorecards. You're trying to play a catch-up game and you say, I see so-and-so friend of mine, they're driving a Rolls-Royce, so I also better get a Rolls-Royce. You're trying to keep up with the Joneses mentality. Yeah. That's how the lifestyle creep happens. If you're going and buying multiple real estate and millions of dollars of things, those can, especially when they're leveraged, can be destructive.
